Mortgage rates hit their highest level since 2009 this week - with a 30-year fixed-rate mortgage averaging 5.27%.

This time last year, rates averaged just below 3%. It's the fastest pace of increases in decades.

The rise in mortgage rates comes as the Federal Reserve Wednesday has raised interest rates by 0.5%, the biggest hike in the last 22 years.

Officials say the move is meant to fight inflation, but it could also have an impact on mortgage and credit card bills.

To put it simply, the interest rate increase will make it more expensive for Americans to borrow money.

MORE: How higher Fed rates stand to affect Americans' finances

Sacred Heart economics professor Khawaja Mamun says the increase people will see on their credit card bills will likely be much higher than 0.5%.

Mortgage rates have climbed from the mid-2s to the high 5s, even as many buyers are still priced out of the market.

The mortgage experts at Main Street Mortgage in Stratford say locking in your rate is a great idea. But they say if you wanted to get ahead of the current bump in mortgage rates, you would have had to act months ago.

"We've already jumped up, so our rates have pretty much gone up over 2 to 2.5% since January," said broker David Bigley.

Bigley says variable rate mortgages are starting to make a comeback as current rates start looking less attractive, but he's expecting rates to climb higher before they level off.

The Fed says another 0.5% rate hike is on the table for its next meeting, in six weeks.